CHANGING LIFE EVENTS...CHANGING COVER

As certain events happen throughout your life, they can have an impact on your financial commitments. This makes it the ideal time to reconsider your insurance needs as well.

Things in life rarely stay the same. For example, if you marry or have a child, you may want peace of mind that the new additions to your family will have some financial security if you’re unable to work because of injury or illness.

Or if you buy a house, an insurance benefit may help reduce some outstanding debt if something happens to you.

Or if you no longer have a mortgage or your children are now independent and out of your home, your financial commitments may no longer be quite so high.

It makes sense at these times to re-evaluate your level of insurance cover to make sure it’s still appropriate for your needs.

Increasing insurance cover upon certain life events

Because we know that life events are often the times when people need to change their insurance cover, one of the features of cover in Accumulate Plus is our life events cover option.

Under this option, you can apply to increase any existing Death and TPD or Death-only cover when you experience any of the following life events without having to provide additional medical evidence (although proof of the life event is required):

Marriage or divorce

Birth or legal adoption of a child

Mortgage for the purpose of purchasing your primary residence

Child’s first day of primary or secondary school

Death of your spouse.

Note: You cannot increase Salary Continuance cover under the life events option.

Looking for more information?

Other useful resources

The facts of life

In this short video, we provide some statistics about 'the facts of life' for Australians and how important the right level of insurance coverage can be. (Source: Commonwealth Bank Group Super)

Insurance: inside or outside super?

There are definite benefits to holding insurance within your super, but when considering your circumstances it's wise to also look at outcomes of insurance coverage both inside and outside super. (Source: CommBank)

Scott Pape's protect your finances money challenge

In this short video and feature, 'Barefoot Investor' Scott Pape outlines some quick challenges to help you understand what cover you might need. (Source: ASIC MoneySmart)